Rishan counters claim of Beico under PCHH by Adam Investments
Monday, 11 August 2014 00:00
-
- {{hitsCtrl.values.hits}}
PCH Holdings Plc Chairman S.H.M. Rishan has countered a claim by Adam Investments Ltd., in the latter’s mandatory offer document.
The PCHH Chairman said that 100% shareholding of the company in Bieco Link Carbons Ltd., consisting of 5.65 million shares, has been sold to MMD Venture Lanka Ltd. on 2 July 2014 and accordingly Bieco Link has ceased to be a company of PCH Holdings Group.
In a filing to the Colombo Stock Exchange, Rishan has also said that Adam Investments’ claim that PCH Holdings is the sole shareholder of Bieco Link Carbons Ltd. in the offer document was incorrect as PCHH have divested itself of the said 100% shareholding in Bieco to MMD Venture Lanka Ltd.
Furthermore, Rishan said the claim of Adam Investments that PCHH holds a 100% stake in Bieco has been contested by both MMD Venture Lanka Ltd. and Bieco Link Carbons Ltd. in High Court Civil Case No 23/2014/CO and the matter is still pending.
The CSE on Friday suspended the trading of Adam Investments and PC Pharma pending announcements by both firms. This was following Adam Investments on Thursday divesting a 31.15% stake amounting to 31.43 million shares in PC Pharma at a price between Rs. 2.90 and Rs. 2.10 per share. This was whilst a mandatory offer from Adam Investments was ongoing on PC Pharma.
